89BIO $ETNB Stake Boosted by Invesco Ltd.

Key Points

• Invesco Ltd. significantly increased its stake in 89BIO by 219.4%, owning approximately 0.08% of the company, which is valued at $842,000.
• Insider Quoc Le-Nguyen sold 10,461 shares for around $115,280, resulting in a 3.27% decrease in their holdings.
• Equities research analysts have varied ratings on 89BIO, with a consensus of "Buy" and a target price of about $26.63, despite recent price adjustments by major firms.

Invesco Ltd. increased its holdings in shares of 89BIO (NASDAQ:ETNB - Free Report) by 219.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 115,751 shares of the company's stock after purchasing an additional 79,515 shares during the quarter. Invesco Ltd. owned 0.08% of 89BIO worth $842,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE increased its position in 89BIO by 10.1% during the 4th quarter. Bank of America Corp DE now owns 358,574 shares of the company's stock worth $2,804,000 after purchasing an additional 32,867 shares in the last quarter. ProShare Advisors LLC grew its position in 89BIO by 32.0% in the fourth quarter. ProShare Advisors LLC now owns 29,149 shares of the company's stock valued at $228,000 after acquiring an additional 7,070 shares in the last quarter. Victory Capital Management Inc. grew its position in 89BIO by 21.1% in the first quarter. Victory Capital Management Inc. now owns 16,913 shares of the company's stock valued at $123,000 after acquiring an additional 2,944 shares in the last quarter. Northern Trust Corp grew its position in 89BIO by 7.6% in the fourth quarter. Northern Trust Corp now owns 854,787 shares of the company's stock valued at $6,684,000 after acquiring an additional 60,075 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in 89BIO by 11.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,292 shares of the company's stock valued at $370,000 after acquiring an additional 4,976 shares in the last quarter.

Insider Transactions at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the transaction, the insider directly owned 309,364 shares in the company, valued at $3,409,191.28. This trade represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Bank of America lowered their price objective on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, August 25th. HC Wainwright assumed coverage on shares of 89BIO in a research report on Thursday, September 4th. They issued a "buy" rating and a $32.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research report on Saturday, August 30th. Finally, Royal Bank Of Canada decreased their price target on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, 89BIO presently has a consensus rating of "Buy" and an average target price of $28.00.

89BIO Stock Up 0.7%

Shares of ETNB stock traded up $0.06 during mid-day trading on Tuesday, reaching $8.63. 843,137 shares of the company were exchanged, compared to its average volume of 1,402,547. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $11.84. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. The company has a market capitalization of $1.28 billion, a P/E ratio of -2.39 and a beta of 1.27. The business's 50 day simple moving average is $9.59 and its 200 day simple moving average is $8.75.

89BIO (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same period in the previous year, the company posted ($0.48) earnings per share. Research analysts predict that 89BIO will post -3.19 earnings per share for the current year.

89BIO Profile

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.